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"Bankruptcy Basics"
Pre Bankruptcy Planning is the number one reason to hire an attorney. A potential client may have assets that would be at risk in bankruptcy or taken some actions prior to filing bankruptcy that could create complications (or worse) if bankruptcy was filed without a proper strategy for dealing with those challenges.
Question:
I am looking into bankruptcy. My house went to foreclosure and was sold for less than what I owed. I received a release from the first loan for the unpaid balance. My second sent my deficiency balance to collection. My wife is not on the loan papers. Does she have to file bankruptcy with [...]
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My husband and I have separate credit and do not share any of the same debts including our home loan. I plan to file bankruptcy for myself only. Will he be restricted from filing bankruptcy on his own if my bankruptcy doesn’t solve our financial problems?
Answer:
One bankruptcy code benefit is that it [...]
Continue Reading →Chapter 9 bankruptcy is a little known part of the bankruptcy code that is used by cities and municipalities. You read right, your city, town, or county can file bankruptcy. Recently, both Orange County, CA and Vallejo, CA filed chapter 9 bankruptcy. Many commentators are speculating that several major cities may need chapter 9 relief.
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What is the current maximum secured debt limit for filing a Ch 13? I see that is can be ‘periodically adjusted’ and need to know what the current exact amount is?
Answer:
You are correct, the debt limits for filing chapter 13 bankruptcy are adjusted periodically and many of the Internet [...]
Continue Reading →A Motion for Relief from Stay is usually filed by secured creditors to allow them to proceed with exercising their security interest before the bankruptcy is discharged. For context, let’s back up.
First, when an individual files for bankruptcy, they receive the benefit of the Automatic Stay. The Automatic Stay stops all collection activity, [...]
Continue Reading →We are not immune to the irony that potential clients are going bankrupt yet they need to come up with money to pay their attorney. Let me address your first question; no, you cannot pay your attorney by credit card. If any bankruptcy attorney offers to accept a credit card for partial payment of fees, [...]
Continue Reading →A client and attorney can cover only so much ground during an initial consultation, and attorney’s, because they work in the bankruptcy system day to day, tend to throw out terms like, trustee, U.S. trustee, etc., but the client is usually unaware of how the bankruptcy system is organized or that it is adversarial in [...]
Continue Reading →Unlike chapter 7 bankruptcy, a chapter 13 bankruptcy has an extra step before the case is finalized; that step is the Plan Confirmation Hearing. A Chapter 7 Bankruptcy has 3 milestones-(1) Filing, (2) Trustee Meeting, and (3) Discharge; whereas as a Chapter 13 Bankruptcy has 4 milestones-(1) Filing, (2) Trustee Meeting, [...]
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What is an Emergency Bankruptcy Petition?
Bankruptcy’s second most powerful tool is the Automatic Stay (the most powerful being the Discharge). The Automatic Stay immediately stops nearly all collection activity against the client; wage garnishment, lawsuits, foreclosure, repossessions, etc. The Automatic Stay goes into effect as soon as the bankruptcy is filed.
Let’s be candid for a moment, [...]
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